{
  "url": "https://openlegislation.uk/finance-act-2002/section-118",
  "json_url": "https://openlegislation.uk/finance-act-2002/section-118.json",
  "legislation": "ukpga/2002/23",
  "legislation_title": "Finance Act 2002",
  "legislation_url": "https://openlegislation.uk/finance-act-2002",
  "path": "section/118",
  "kind": "section",
  "number": "118",
  "heading": "IHT: rate bands",
  "text": "(1) For the Table in Schedule 1 to the Inheritance Tax Act 1984 (c. 51) substitute—\n“\nTable of Rates of Tax\nPortion of value\nRate of tax\nLower limit (£)\nUpper limit (£)\nPer cent.\n0\n250,000\nNil\n250,000\n40\n”\n(2) Subsection (1) shall apply to any chargeable transfer made on or after 6th April 2002; and section 8(1) of that Act (indexation of rate bands) shall not have effect as respects any difference between the retail prices index for the month of September 2000 and that for the month of September 2001.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2002/23/section/118",
    "retrieved_at": "2026-10-29T09:19:27.148984+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}